The Avaloq group, an international leader in integrated and comprehensive solutions for wealth management, universal and retail banks, today announced that its Banking Suite has achieved full compliance with the Australian tax system.
The testing of this functionality was supported by EY (Ernst & Young). As the next step, Australian superannuation functionality is being developed and integrated into the Avaloq Banking Suite.
Providing financial institutions with dedicated country-specific solutions is one of Avaloq's key areas of expertise. Avaloq – which established its local presence in Australia just over a year ago – has established a team of local experts with substantial know-how, experience and knowledge of the country specific requirements of the Australian financial market.
"Our product developers and local banking experts work hand in hand when developing new solutions," says Iain Dunstan, Regional Head Australasia at Avaloq. "This approach, combined with our years of international experience, ensures that country specific requirements are always fulfilled. That is why Avaloq is one of the few international financial solutions providers that have implemented the complex Australian tax regulations successfully," Dunstan continues.
"We were engaged by Avaloq to help them fully understand the significant complexity of the Australian tax system", says Jeroen Buwalda, Partner at EY. "It is exciting to see a global provider like Avaloq introduce new technology to the Australian wealth and superannuation market," Buwalda continues.